Fell away again on Friday. Pushed down to levels not traded since January. 1.2481 was the low, above the Dec 18 low at 1.2477. 2019 lows are at 1.2434, no sterling positive news keeps the major currency under pressure. 1.2367/1.2300 saw quite a bit of action back in 2017 if cable remains heavy.
Short term resistance at 1.2533, push above then its 1.2591/2600 and 1.2641/60. We would then start to feel a little optimistic for a move for 1.2748/.2814.
No encouragement for buyers currently. Daily chart showing no love for sterling, pushing further down.
Dollar still weighing on the major shared currency. We are below the 50-day SMA, 18/19 June support at 1.1178. April/May lows at 1.1116/1.1107. Trend support broken.
Bulls looking to get this back above 1.1267. 1.1349 is where we broke down on the 1 July, this is above 200-day SMA at 1.1331. Next target is the June highs and long-term trend resistance between 1.1392/1421.
Under pressure and possible we may see a turnaround at these low levels. Alarm bells if this does drop past 1.1178. Daily chart showing long-term trend resistance.
Market open has seen a bounce from last week's lows at 12,501/476. Momentum still to the upside, trend channel on four-hour is valid with multiple touches either side. 12,823 is the top of the channel and a breakout we look for 12,869/952.
Looking for a break of 12,501/476. There is still a gap at 12,403 from Friday 28 June. Below here we would test the broken trend resistance at 12,398.
Still trading within a sideways range from last Monday. 30-minute chart showing that range and the near-term 12,501/476 support.
Above the 27,000 mark on Friday, we are still poised to make further gains. The resistance zone which has been holding the highs since Jan 18 looks like it may topple. This area may become pivotal in the drive higher, possibly acting as a support area?
26,728/26,614 has many support points, it held last week's lows and buyers would like to keep it above here to continue challenging new highs. Could see quick selling if this gives way, the market gap from 28 June is below at 26,585. 26,408 is a support which has held since 18 June.
Four-hour chart showing trading holding just above 26,715. Buyers looking to build a platform to move on for new all time highs.